Movie Games S.A. (MOV.WA) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-317.9%

-PLN 14.44

vs PLN 6.63 price

Levered DCF

-PLN 27.99

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

3.95

Safe zone

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	-2.09×	32.51×	-7.64×	17.04×	10.57×	27.16×	100.61×	89.52×
P/B	1.59×	1.84×	2.78×	1.66×	4.78×	16.13×	12.28×	7.9×
P/S	2.27×	3.29×	15.24×	8.12×	11.51×	23.34×	20.54×	25.66×
EV / EBITDA	5.51×	6.84×	-6.68×	7.8×	38.16×	39.69×	93.35×	71.9×
Gross margin	-4.9%	20.3%	100.0%	-42.6%	95.1%	100.4%	107.2%	203.3%
Operating margin	-17.9%	5.3%	-215.2%	-45.3%	35.5%	44.1%	22.2%	34.6%
Net margin	-108.8%	10.1%	-199.4%	47.7%	108.8%	44.7%	20.1%	28.0%
Current ratio	3.95×	2.51×	2.19×	4.27×	11.34×	33.59×	35.85×	11.53×
Debt / equity	0.04×	0.01×	0.03×	0.04×	0.03×	0×	0×	0×
Interest coverage	-39.72×	20.76×	-104.49×	-16.85×	66,278.81×	8,399.83×	17.17×	24.87×
Dividend yield	1.1%	0.0%	0.0%	4.9%	0.0%	0.3%	0.0%	0.0%
Payout ratio	-2.3%	0.0%	0.0%	83.3%	0.0%	17.6%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-76.4%	5.6%	-36.3%	9.7%	45.2%	30.9%	12.0%	8.6%
Return on invested capital	-8.4%	2.1%	-25.6%	-3.6%	9.8%	20.5%	12.5%	8.8%
Return on assets	-52.7%	3.9%	-23.1%	7.0%	34.2%	25.5%	11.7%	7.9%
Free cash flow yield	-6.5%	3.9%	-3.2%	-20.0%	-5.7%	0.1%	0.5%	-5.2%
Earnings yield	-47.9%	3.1%	-13.1%	5.9%	9.5%	1.9%	1.0%	1.1%
Enterprise value	PLN 22.1M	PLN 44.2M	PLN 66.7M	PLN 49.5M	PLN 124.2M	PLN 235.1M	PLN 84.8M	PLN 48.2M
Net debt / EBITDA	-0.27×	-0.73×	0.21×	-0.49×	-2.96×	-1.49×	-0.72×	-0.32×
Cash conversion cycle (days)	39	-11	-1,259,726	204	6,530	2,979	-5,940	-705